Colts Would Be Smart to Extend Josh Downs Before 2026 Season

Indianapolis Colts wide receiver Josh Downs could become very expensive if an extension isn't done soon.

Indianapolis Colts wide receiver Josh Downs (2) runs into the end zone for a touchdown after catching a pass against the Seattle Seahawks. | Steven-Imagn Images

When the Indianapolis Colts selected Josh Downs in the third round of the 2023 NFL Draft, many across the league believed the Colts had gotten a steal. After three seasons, the wide receiver out of North Carolina has proven them to be correct.

Downs is the lone bright spot from Indy's 2023 draft class. From the time he stepped onto the field as a rookie, Downs has produced for the Colts' offense and come up big in crucial moments. He has racked up 198 catches for 2,140 yards and 11 touchdowns across three seasons.

Now preparing for Year 4, Downs is entering a contract year for the first time in his career. While it is only May and OTAs have yet to begin, an extension does not seem to be something Downs is overly concerned about at this moment.

"Obviously you think about it a little bit, but at the end of the day, you've got to play football," Downs remarked. You've been playing this sport your whole life, so I feel like just going out there, putting in the work, and having fun with it.

"I was talking to JT (Jonathan Taylor) about it. ... (He) was just telling me like, 'Don't even think about it, man.' He's like, 'Go out there and play. Keep doing what you're doing ... That's the most important thing, not to think about chasing money. I feel like that's when you lose yourself.'"

Indianapolis Colts wide receiver Josh Downs (2) looks to move past San Francisco 49ers cornerback Darrell Luter Jr. (28) during a game at Lucas Oil Stadium in Indianapolis. | Grace Hollars/IndyStar / USA TODAY NETWORK via Imagn Images

Ignoring the obvious irony of Jonathan Taylor's advice, considering his very public and messy contract negotiations in 2023, there is one party that should be focused on an extension for Downs: The Colts. The sooner the team can lock up their wide receiver for the foreseeable future, the better it will be.

Indy saw firsthand with Alec Pierce how waiting to extend a player can cost the team considerably more money over the long haul. If the Colts had inked Pierce to an extension last summer, when the wide receiver was showing out in practically every training camp practice, the deal would have likely come in around $15 million on a per-year basis.

But the Colts decided to wait and let Pierce play out the final year of his deal. Pierce, in turn, had a career season, leading the league in yards per catch (21.3) for the second straight year and becoming the Colts' WR1. Instead of $15 million per year, Pierce signed a four-year, $114 million deal ($28.5 million APY) with $84 million guaranteed – the largest free-agent contract for a wide receiver in NFL history.

The Colts cannot afford to make the same mistake twice. Pierce's mega deal forced Indy to trade long-time wide receiver Michael Pittman Jr. to the Pittsburgh Steelers to create cap space. The Colts do not want to be in that situation again.

Pittman's departure also means there are plenty of available targets to go around for the Colts' pass catchers. Downs figures to be on the receiving end of many of those targets, as the team has not been shy about his expanded role in 2026.

Indianapolis Colts wide receiver Josh Downs (2) makes a catch in front of Houston Texans cornerback Myles Bryant (25) at Lucas Oil Stadium. | Grace Hollars-USA TODAY Network via Imagn Images

"I think obviously losing Pitt, I think Downs, his role will step up a little bit more – more targets for him," head coach Shane Steichen admitted. "He's a hell of a player. We've played him in the slot a long time. Get him some reps on the outside as well in the spring and see where that goes. But I'm excited about Josh and his development since he's been here.”

"I've said this numerous times about Josh Downs, I think Josh Downs is good," general manager Chris Ballard said in April. "I've always thought he was good. We'll see how it plays out, but I think getting him and Pierce the ball more is going to be a good thing.”

Downs is in a similar situation to Pierce from a year ago. Coming off a down year in 2025 that saw him haul in 58 catches for 566 yards and four touchdowns, Downs' value is not that of one of the higher-paid wide receivers. Downs' next contract is projected to be a four-year, $65.5 million ($16.4 million APY) deal, according to Spotrac.

However, with more targets coming his way and an expanded role, Downs could be in for a career year, just as Pierce was last season. That said, Downs may want to wait on signing an extension. A big year out of #2 could mean a big check next spring.

"I feel like new year ahead, a lot of new pieces moved around," Downs explained. "We don't have AD Mitchell anymore. We don't have Pitt anymore. So, there's probably more opportunities there for me. So, I'm excited for the new year and to see what happens with it.”

If Downs is open to an extension before the season, the Colts should certainly push for a deal to get done. Otherwise, history could have an expensive way of repeating itself.

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